AR Global’s New York REIT Schedules Stockholders Meeting Date
AR Global-managed New York REIT Inc. (NYSE: NYRT), a former non-traded real estate investment trust known as American Realty Capital New York Recovery REIT, announced that a special meeting of stockholders will be held in January 2017 at a time and location to be determined. Stockholders of record at the close of business on November 10th will be entitled to vote at the meeting.
At the meeting, shareholders will vote on whether to approve NYRT’s proposed plan of liquidation and dissolution. The REIT terminated its proposed merger with private real estate firm JBG Companies in August.
The company’s plan of liquidation involves selling its real estate and real estate related assets, paying its liabilities, distributing cash and the net proceeds of the liquidation to stockholders, winding up operations, and dissolving the company.
The REIT has estimated that the net proceeds that will be distributed to stockholders over time from the plan of liquidation will be between $8.49 and $11.26 per share.
In October, New York REIT reached a settlement agreement with Michael Ashner, Steven Witkoff, and their jointly owned entity, WW Investors LLC and agreed to expand its board of directors to include James Hoffmann, Gregory Hughes and Craig Bouchard as new independent directors. The board will now comprise nine directors, as opposed to six, eight of whom are considered independent.
The Annual Meeting of Stockholders will be held on December 30 at Benjamin Hotel, located at 125 E. 50th Street in NYC. Shareholders will vote on a proposal to elect nine directors and to ratify the appointment of KPMG LLP as its independent registered public accounting firm.
NYRT is a publicly traded real estate investment trust that owns 19 commercial real estate properties, including office and retail properties, located in New York City. Shares of NYRT closed at $9.85 on Friday.
